FINANCE

INNOVA CAP LTD IPO

CLOSES: 26/12/23

GMP, SUBSCRIPTION DATA, OTHER DETAILS

-BY AVIION BUSINESS

ABOUT:

INNOVA CAPTAB Limited is an integrated pharmaceutical firm in India, involved in various aspects of the pharmaceutical value chain, such as research and development (R&D), manufacturing, distribution, marketing, and exports. Its operations encompass a Contract Development and Manufacturing Organization (CDMO) catering to Indian pharmaceutical firms, a domestic market for branded generics, and an international market for branded generics. 

SUBSCRIPTION:

The initial public offering (IPO) of Innova Captab continued to witness a decent buying interest from investors on the Day 3 of the bidding process. The issue was subscribed 1.41 times on Day 1 and ended the  Day 2 of bidding with a 3.65 times subscription.

MOTIVE:

Innova Captab is raising a total of Rs 570 crore through its initial stake sale. The IPO price band has been fixed at Rs 426-448 per share. Investors can bid for a minimum lot size of 33 equity shares and its multiples thereof. In total, the pharmaceutical company is raising Rs 570 crore via fresh issue, while the promoters and other shareholders are selling 55,80,357 equity shares via OFS.

GREY MARKET:

Innova Captab's premium in the grey market has plunged sharply in two digits, to around Rs 90 apiece, still signaling an upside of 20 percent. The premium in the unofficial market was about Rs 210-215 ahead of the bidding process.

MAJOR DATES:

ALLOTMENT: 27/12/23 REFUND: 28/12/23 DEMAT TRANSFER: 28/12/23 LISTING: 29/12/23 MANDATE END: 10/01/24

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